ENEOS Holdings, Inc. (TSE: 5020), Japan's largest petroleum refiner and integrated energy group, posted a sharp recovery in profitability for FY2026 (April 2025 – March 2026) when it released its IFRS consolidated results on May 14, 2026. Consolidated revenue eased 4.5% year-on-year to ¥11,765,470 million (¥11.77 trillion), reflecting softer fuel prices, but operating profit more than quadrupled — surging 339.8% to ¥466,627 million from just ¥106,093 million a year earlier. Profit before tax rocketed 408.7% to ¥448,755 million, while profit attributable to owners of the parent advanced 14.4% to ¥258,726 million. Basic earnings per share reached ¥96.18, up from ¥79.96, and return on equity stood at 8.0%.
Refining margins and inventory effects power the profit surge
The dramatic recovery in operating profit was driven principally by a normalisation of refining margins and a swing in inventory valuation effects, which had heavily depressed the prior year's continuing-operations result. As crude and product price movements stabilised, the group's core fuels business — Japan's largest, spanning refining, lubricants, and petrochemicals — captured materially better cracking spreads. Equity-method investment income of ¥81,022 million provided an additional tailwind, reflecting contributions from upstream and affiliated ventures. Comprehensive income rose 81.8% to ¥420,171 million. The far smaller increase in bottom-line net profit (+14.4%) relative to the operating-profit explosion reflects a higher comparative base at the net level and the tax and minority-interest effects layered on top of the operating recovery.
JX Metals classified as a discontinued operation
A key structural change shaping the FY2026 accounts is the classification of the group's metals business — JX Metals (金属事業) — as a discontinued operation following its separate listing. As a result, prior-year continuing-operations figures have been restated to exclude the metals contribution, which both sharpens the apparent year-on-year recovery in the core energy business and changes the comparability of headline lines. The deconsolidation marks a major step in ENEOS's portfolio reshaping, narrowing the group's focus toward its fuels, lubricants, and petrochemicals core alongside its renewables and next-generation energy push, while crystallising value from the metals unit through the capital markets.
Balance sheet expands; operating cash flow strengthens
Total consolidated assets grew to ¥9,094,314 million from ¥8,789,377 million a year earlier. Total equity stood at ¥3,758,201 million, with equity attributable to owners of the parent of ¥3,369,775 million and an equity ratio of 37.1%; equity per share reached ¥1,252.75. Operating cash flow strengthened to ¥619,983 million from ¥576,835 million, comfortably funding investing outflows of -¥251,951 million and financing outflows of -¥630,414 million, the latter reflecting shareholder returns and debt management. Period-end cash and equivalents stood at ¥877,295 million, leaving the group with ample liquidity to support its energy-transition investment programme.
Dividend raised to ¥34; FY2027 guided for further profit growth
ENEOS lifted the annual cash dividend to ¥34 per share for FY2026 (¥17 interim + ¥17 year-end), up from ¥26 the prior year, with total dividends paid of approximately ¥91,780 million and a payout ratio of 35.4%. Looking ahead, the company guided for FY2027 (ending March 2027) with revenue of ¥12,850,000 million (+9.2%), operating profit of ¥610,000 million (+30.7%), profit before tax of ¥590,000 million (+31.5%), and profit attributable to owners of ¥415,000 million (+60.4%), equivalent to EPS of ¥154.28. The company forecast an annual dividend of ¥34 per share for FY2027, maintaining the elevated payout level as the energy group targets a further step-up in earnings on firmer margins and the streamlined post-metals portfolio.
| Metric | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 11,765,470 | 12,322,494 | −4.5% |
| Operating profit (¥ million) | 466,627 | 106,093 | +339.8% |
| Profit before tax (¥ million) | 448,755 | 88,219 | +408.7% |
| Profit attrib. to owners of the parent (¥ million) | 258,726 | 226,071 | +14.4% |
| Basic EPS (¥) | 96.18 | 79.96 | +20.3% |
| ROE | 8.0% | — | — |
| Equity ratio | 37.1% | — | — |
| Annual dividend (¥) | 34 | 26 | +30.8% |
| FY2027 guidance — revenue (¥ million) | 12,850,000 | — | +9.2% |
| FY2027 guidance — operating profit (¥ million) | 610,000 | — | +30.7% |
| FY2027 guidance — profit before tax (¥ million) | 590,000 | — | +31.5% |
| FY2027 guidance — profit attrib. to owners (¥ million) | 415,000 | — | +60.4% |
| FY2027 guidance — EPS (¥) | 154.28 | — | — |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.